China Knowledge reported that Shandong Energy Linyi Mining Group Co Ltd will issue CNY 500 million worth of notes with a maturity of five years on the interbank market on June 12.

Coupon rate will be determined in the process of bookbuilding. Both value date and payment due date is set on June 13 and the to-be-issued notes tradable June 14.

The issuer said proceeds from the issue will be used to repay bank loans and replenish working capital. China Chengxin International Credit Rating Co Ltd has rated the issuer and notes AA and AA respectively.

China Minsheng Banking has been assigned as the lead underwriter and bookrunner.

This will be the issuer first medium-term note this year. The issuer is controlled by state owned Shandong Energy Group which targets CNY 27 billion-gross profit for 2015.

Source - China Knowledge

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